Coinbase Global (NASDAQ:COIN) Trading 5.9% Higher – Here’s What Happened

Coinbase Global, Inc. (NASDAQ:COIN)’s stock price was up 5.9% during trading on Monday . The stock traded as high as $187.80 and last traded at $186.87. Approximately 4,681,706 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 10,269,348 shares. The stock had previously closed at $176.38.

Wall Street Analyst Weigh In

Several research firms have issued reports on COIN. Canaccord Genuity Group restated a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a report on Friday, August 2nd. Compass Point dropped their target price on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and raised their price target for the company from $260.00 to $345.00 in a report on Tuesday, July 23rd. HC Wainwright decreased their price target on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, Barclays raised their price objective on Coinbase Global from $169.00 to $175.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global has an average rating of “Hold” and an average target price of $246.44.

Coinbase Global Stock Performance

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51. The firm has a 50-day moving average of $178.63 and a 200 day moving average of $212.93. The stock has a market capitalization of $48.21 billion, a P/E ratio of 38.93 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. Coinbase Global’s revenue was up 104.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.42) earnings per share. Research analysts anticipate that Coinbase Global, Inc. will post 3.92 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $235.75, for a total value of $2,357,500.00. Following the transaction, the insider now directly owns 71,195 shares of the company’s stock, valued at $16,784,221.25. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $235.75, for a total value of $2,357,500.00. Following the completion of the transaction, the insider now directly owns 71,195 shares of the company’s stock, valued at $16,784,221.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Emilie Choi sold 1,500 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $188.94, for a total transaction of $283,410.00. Following the sale, the chief operating officer now directly owns 197,101 shares in the company, valued at approximately $37,240,262.94. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 74,037 shares of company stock worth $14,136,915 in the last quarter. 23.43% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Creekmur Asset Management LLC acquired a new stake in shares of Coinbase Global in the 4th quarter valued at $27,000. Crewe Advisors LLC raised its stake in shares of Coinbase Global by 547.4% during the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after buying an additional 104 shares during the last quarter. Lynx Investment Advisory acquired a new stake in Coinbase Global during the 2nd quarter worth $29,000. Concord Wealth Partners grew its position in shares of Coinbase Global by 322.2% during the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 87 shares during the period. Finally, Geneos Wealth Management Inc. increased its stake in Coinbase Global by 833.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 100 shares in the last quarter. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Company Profile

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.